Pay without Performance

Author: Lucian Bebchuk
Edition:
Publisher: Harvard University Press
Binding: Paperback
ISBN: 0674022289
Price:
You Save: 28%

Pay without Performance: The Unfulfilled Promise of Executive Compensation

The company is under-performing, its share price is trailing, and the CEO gets.Pay without Performance review. .a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholdersRead full reviews of Pay without Performance: The Unfulfilled Promise of Executive Compensation.

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Pay without Performance: The Unfulfilled Promise of Executive Compensation: Jesse Fried, Lucian Bebchuk

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Pay without Performance: The Unfulfilled Promise of Executive Compensation

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The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. 'Pay without Performance' presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to neg

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author jesse m fried author lucian bebchuk format paperback language english publication year 29 09 2006 subject management business economics industry subject 2 management business general themonsterbookshop co uk in titles description add my store to your favorites and receive my email newsletters about new items and special promotions general interest pay without performance the unfulfilled promise of executive compensation item details title pay without performance the unfulfilled promise of

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Pay Without Performance The Unfulfilled Promise of Executive Compensation, ISBN-13: 9780674022287, ISBN-10: 0674022289

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Pay without Performance Reviews

.a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders.

Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives.

This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.